In the advent of deregulation, independent system operators (ISOs) are required to monitor and operate within certain power generation performance standards. These performance standards determine the amount of imbalance that is permissible for reliability on power systems. Currently, ISOs operate by reacting to power trends as well as scheduled power interchange. At the moment, operators provide regulatory agencies with schedule information detailing the quantity of energy and the time that energy will be produced. These schedules of energy vary over the course of a year, month, week, day, hour and other intervals of time such as seasons and special days such as holidays and weekends. Despite knowing that such energy requirements vary considerably at times, operators are often tasked with the burden of meeting demand for real-time and unanticipated shortage in energy. Meeting these unanticipated demands is often the cause of increased energy costs. Under certain circumstances, energy costs may decrease when an oversupply of energy exists in the marketplace.
As readily apparent, there is a significant need for a method and system which allows for compliance with the control performance standards set by regulatory authorities such as NERC (North American Electric Reliability Council). The present invention is a method and system for compliance with these control performance standards as well as being an energy management solution for energy producers.